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Online Casino News: Money Laundering and Online Casinos
by Joanne R Saturday July 11, 2009 at 11:41 PM
There are those that would like you to think that if you allow online casinos to be legal that you will be supporting the process of money laundering. However, recent studies have shown that the myth of online casino money laundering is just that – a myth – and that it does not hold any basis in fact.
The online casino industry has been looking at a major problem with their image in that this idea of money laundering has been following them around. Consumers have an image of mob bosses and terrorists sitting around making their dirty money clean and nothing could be further from the truth. According to a recent MHA report that the Remote Gaming Association released, this is indeed a myth.
Not only did the report find that money was not being laundered through the online casinos, but it said that there were no cases to show that it was. They said that the online casino community had checks and balances in place to avoid that sort of illegal activity, and that when suspicion was there that they complied with the authorities to ensure that it was not happening.
The report said that the online casino industry was not a likely candidate for money laundering and terrorist financing because they know the identities of their customers. They say that all wagering is recorded which makes it tough for illegal activity to take place. They also say that the industry reports to higher authorities, which makes it impossible as well for the alleged activity to occur.
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